The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support
to international institutions.

The New York Fed engages with individuals, households and businesses in the Second District and maintains an active dialogue in the region. The Bank gathers and shares regional economic intelligence to inform our community and policy makers, and promotes
sound financial and economic decisions through community development and education programs.

Result of Election of Class A Director for Unexpired Portion of Term Ending December 31, 2001

March 31, 2000

Circular No. 11238

To the Member Banks of the Second Federal Reserve District:

The election of a class A director of this Bank for the unexpired portion of the term ending December 31, 2001, has been duly held in accordance with the requirements of section 4 of the Federal Reserve Act, as amended, and the provisions of Circular No. 11229, dated February 7, 2000.

The result of the election is as follows:

T. Joseph Semrod, Chairman of the Board and Chief Executive Officer, Summit Bancorp, Princeton, N.J., was elected by member banks in Group 2 as a class A director of this Bank for the unexpired portion of the term ending December 31, 2001.